丨证券研究报告丨 联合研究丨公司点评丨亿华通-U（688339.SH） [Table_Title] 亿华通 2025H1 点评：行业需求下滑及公司审慎 扩张，销量及利润承压 报告要点 [Table_Summary] 2025H1 公司实现营收 0.72 亿元，同比减少 53.25%；归母净利润-1.63 亿元，去年同期为-1.41 亿元；2025Q2 实现营收 0.61 亿元，同比减少 56.36%；归母净利润-0.70 亿元，去年同期为- 0.50 亿元，亏损同比扩大。燃料电池行业市场需求整体下降及公司审慎扩张，销量及利润承压， 费用相对刚性拖累利润。公司拟定增并购定州旭阳氢能，控股股东或将易主旭阳集团。 分析师及联系人 [Table_Author] 徐科 任楠 司鸿历 李博文 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520080002 SAC：S0490524080004 SFC：BUV415 SFC：BUZ393 SFC：BVD284 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 丨证券研究报告丨 202 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In the first half of 2025, the company's overall operations are stable, with C-end revenue improving as the market recovers; cost control is effective, with significant reductions in management and sales expenses; the product matrix continues to improve, and there is a deepening of AI research and innovative applications [2][11]. - The company achieved operating revenue of 133 million yuan, a year-on-year decrease of 10.0%, and a net profit attributable to shareholders of 107 million yuan, a year-on-year increase of 6.6% [6][11]. - The company is expected to benefit from the recovery of downstream demand in the context of a significant increase in market activity in Q3, while actively embracing AI technology for innovation in the financial sector, enriching the product matrix, and achieving continuous market share growth [2][11]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue (including investment income) and net profit attributable to shareholders of 180 million yuan and 107 million yuan, respectively, representing year-on-year increases of 3.2% and 6.6%. The net profit after deducting non-recurring items was 67 million yuan, a year-on-year decrease of 13.8% [11]. - The average daily transaction volume in the market increased by 61.1% year-on-year to 1.4 trillion yuan, leading to a recovery in C-end revenue [11]. Cost Control - The company effectively controlled costs, with sales, management, and R&D expenses amounting to 3 million, 5 million, and 40 million yuan, respectively, showing year-on-year decreases of 6.2%, 7.4%, and 3.2%. The corresponding expense ratios were 1.6%, 2.5%, and 22.3%, reflecting reductions in personnel and compensation [11]. Product Development and AI Integration - The company has completed the development and promotion of its bond terminal, supporting more derivative product data. In the field of trusted computing, the transformation of various product modules has been successfully completed [11]. - The company is continuously expanding AI product functionalities, building a platform ecosystem, and upgrading core technologies, significantly enhancing data generation quality, efficiency, and user interaction experience [11]. Future Outlook - The company is expected to achieve net profits attributable to shareholders of 320 million and 440 million yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 97.2 and 69.7 times [11].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company achieved a revenue of 46.3 billion yuan in Q2, a slight decrease of 0.2% year-on-year, while the net profit attributable to shareholders was 14.4 billion yuan, an increase of 8.6% year-on-year [4][9]. - The container segment continues to show strong performance with both volume and price increases, while dry bulk cargo is expected to improve further [9]. - The outlook for the company remains positive due to the resilience in exports, particularly to "Belt and Road" countries and the EU, which offsets concerns from US-China trade tensions [9]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 94.3 billion yuan, up 4.0% year-on-year, and a net profit of 28.4 billion yuan, up 7.6% year-on-year [4]. - For Q2 specifically, the revenue was 46.3 billion yuan, with a net profit of 14.4 billion yuan [4][9]. Container Segment - The container throughput for the first half reached 822,000 TEU and 881,000 TEU in Q1 and Q2 respectively, reflecting year-on-year increases of 7.2% and 8.1% [9]. - The average revenue per container increased by 22.0% year-on-year, contributing to a net profit of 13.7 billion yuan from the container handling and related services, a rise of 43.9% [9]. Dry Bulk and Liquid Cargo - Dry bulk cargo performance improved, particularly in iron ore imports, which showed a sequential recovery [9]. - The company handled 1.27 billion tons of dry bulk cargo in the first half, a slight decrease of 1.7% year-on-year, while the liquid bulk segment faced challenges with a throughput of 0.49 billion tons, down 10.1% year-on-year [9]. Future Outlook - The company expects continued growth in container throughput driven by stable domestic iron ore production and favorable overseas shipping plans [9]. - Projected net profits for 2025-2027 are estimated at 55.8 billion, 59.6 billion, and 64.0 billion yuan respectively, with corresponding PE ratios of 9.9, 9.3, and 8.6 [9].

丨证券研究报告丨 公司研究丨点评报告丨兴蓉环境（000598.SZ） [Table_Title] 兴蓉环境 2025H1 点评：运营稳健，工程业务下 滑拖累业绩 报告要点 [Table_Summary] 兴蓉环境 2025H1 实现归母净利润 9.75 亿元，同比增长 5.03%；其中 2025Q2，公司实现归母 净利润 4.67 亿元，同比减少 0.94%。自来水业务及污水处理业务表现稳定，工程业务下滑拖累 利润。展望 2025 年，公司污水调价增厚利润、在手项目投产支撑业绩增长。分红比例仍具备 提升空间。 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SAC：S0490525070006 SFC：BUV415 SFC：BUZ393 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 兴蓉环境（000598.SZ） cjzqdt11111 [Table_Title 兴蓉环境 202 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Viewpoints - The company's hydropower generation reached 47.782 billion kWh in the first half of 2025, a year-on-year increase of 10.30%, contributing to a net profit of 5.502 billion yuan from its three hydropower subsidiaries, up 10.87% year-on-year [2][6] - The overall net profit attributable to the parent company for the first half of 2025 was 3.795 billion yuan, reflecting a year-on-year growth of 1.36% [2][6] - The company's revenue for the first half of 2025 was 25.697 billion yuan, a decrease of 5.18% year-on-year [6] Summary by Relevant Sections Hydropower Performance - The company benefited from the energy release from the Yarlung Tsangpo River hydropower station, leading to a significant increase in hydropower generation [2][11] - The total revenue from the three hydropower companies was 13.181 billion yuan, a year-on-year increase of 7.04%, although this growth rate was lower than the increase in generation volume [11] New Energy Business - The new energy segment faced challenges due to a decline in market electricity prices, with net profit from the main platform, Guotou New Energy, dropping to 232 million yuan, a decrease of 43.07% year-on-year [2][11] Thermal Power Performance - The thermal power segment saw a decrease in generation volume to 22.258 billion kWh, down 21.10% year-on-year, with net profit from six major thermal power subsidiaries totaling 833 million yuan, a decline of 20.96% [2][11] - Despite the challenges, the company managed to maintain stable overall performance due to the strong contribution from hydropower [11] Future Outlook - The company is advancing its integrated water-wind-solar projects in the Yarlung Tsangpo River basin, with a total potential hydropower capacity of approximately 30 million kW [11] - The projected earnings per share (EPS) for 2025-2027 are estimated at 0.90 yuan, 0.97 yuan, and 1.04 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 15.77, 14.65, and 13.66 [11]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company achieved total revenue of 10.809 billion yuan and net profit attributable to shareholders of 557 million yuan in H1 2025, representing a year-on-year decline of 2% and 12% respectively. In Q2 2025, total revenue was 5.564 billion yuan, with net profit down 6% [2][4] - The company has repurchased 2.86 million shares, amounting to 150 million yuan, which reduced its registered capital [2][4] - The traditional core business (excluding M&G Technology) faced revenue pressure, with a year-on-year decline of 11% in Q2 2025. However, overseas markets showed a 16% increase in revenue [10] - The company is focusing on IP-enabled products and expanding its overseas presence, aiming for a gradual recovery in its traditional business [10] Financial Performance - In H1 2025, the company reported a total revenue of 10.809 billion yuan, with a net profit of 557 million yuan and a non-recurring net profit of 462 million yuan, reflecting declines of 2%, 12%, and 19% year-on-year respectively [2][4] - The gross profit margin for Q2 2025 was 18.3%, a decrease of 0.3 percentage points year-on-year, primarily due to an increase in the proportion of lower-margin direct sales [10] - The company expects net profits for 2025-2027 to reach 1.45 billion, 1.61 billion, and 1.77 billion yuan respectively, corresponding to PE ratios of 19, 17, and 16 times [10]

丨证券研究报告丨 公司研究丨点评报告丨圆通速递（600233.SH） [Table_Title] Q2 盈利韧性凸显，份额提升趋势延续 报告要点 [Table_Summary] 2025Q2，公司实现营业收入 188.2 亿元，同比增长 9.8%；实现归母净利润 9.7 亿元，同比下 降 6.8%。二季度公司份额持续提升，竞争加剧单价承压，公司强化成本管控，单票归母净利表 现韧性，环比仅下降 0.01 元。当前快递"反内卷"措施持续落地，全国涨价趋势明朗，旺季公 司盈利弹性可期。公司引领快递数字化变革，综合竞争实力强化，中长期份额有望持续提升， 维持"买入"评级。 分析师及联系人 [Table_Author] 韩轶超 鲁斯嘉 胡俊文 SAC：S0490512020001 SAC：S0490519060002 SAC：S0490524120001 SFC：BQK468 SFC：BWN875 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 圆通速递（600233.SH） cjzqdt11111 [Table_Title2] Q2 盈利韧性凸显，份额提升趋势延续 [T ...

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - In Q2, the company achieved operating revenue of 2.77 billion yuan, a year-on-year decrease of 6.3%, while net profit attributable to shareholders was 520 million yuan, an increase of 42.5%. The non-recurring net profit was 380 million yuan, up 172.9% year-on-year. The high demand for external chartered ships has led to a tightening of domestic supply, improving both supply and pricing [5][11]. - The company has proposed a mid-term dividend for the first time, with a payout ratio of 84.3% and an annualized dividend yield of 8.2%, emphasizing shareholder returns [11]. Summary by Sections Financial Performance - In the first half of 2025, the company reported operating revenue of 5.34 billion yuan, down 7.0% year-on-year, and a net profit of 1.07 billion yuan, up 41.6%. The non-recurring net profit was 820 million yuan, an increase of 94.3% [5]. - In Q2, the company recorded a gross margin of 21.0%, an increase of 12.0 percentage points year-on-year, primarily due to the contribution from external chartered ships [11]. Market Dynamics - The external chartered ship market remains robust, with charter rates for 4,400 TEU vessels averaging 54.6k USD/day in Q2, a year-on-year increase of 57.7%. This has allowed the company to enhance its capacity deployment in the foreign trade market [11]. - Domestic shipping demand has shown signs of improvement, with container throughput in the first two quarters recording year-on-year changes of +2.1% and -2.1%, respectively. The domestic shipping price index has also improved significantly [11]. Future Outlook - The company anticipates a strong domestic shipping peak season in Q4, which is expected to release performance elasticity. Forecasted net profits for 2025-2027 are 2.14 billion, 2.43 billion, and 2.50 billion yuan, respectively, with corresponding P/E ratios of 10.3, 9.0, and 8.8 times [11].

Investment Rating - The report maintains a "Buy" rating for the company [10] Core Views - The company achieved a revenue of 1.225 billion yuan in Q2 2025, a year-on-year decrease of 1.80%, while the net profit attributable to the parent company was 432 million yuan, an increase of 12.79% year-on-year [2][5] - The company has a rich pipeline of new games and is actively advancing its AI initiatives, which are expected to benefit from related catalysts [2][8] Summary by Sections Financial Performance - In H1 2025, the company reported a total revenue of 2.578 billion yuan, a year-on-year increase of 0.89%, and a net profit attributable to the parent company of 950 million yuan, up 17.41% year-on-year [5][6] - Q2 2025 saw a slight decline in revenue due to fewer new game launches, but the "Legend Box" and overseas markets continued to grow rapidly, with overseas revenue increasing by 60% to 200 million yuan [6][8] Cost and Profitability - The company's sales expenses decreased by 13.7% year-on-year to 407 million yuan in Q2, resulting in a sales expense ratio of 33.3% [7] - The gross margin and net profit margin for Q2 were 81% and 35%, respectively, maintaining a high level of profitability [7] Future Growth Drivers - The company has partnered with several gaming companies to establish brand zones within the "Legend Box," which is expected to gradually enhance performance [8] - Upcoming game releases, including "Blood of Jianghu: Return" and others, are anticipated to drive revenue growth [8] - The company is making significant strides in AI, with projects like the 3D AI companion application "EVE" and the AI game development platform "SOON" expected to advance towards commercialization [8] Share Buyback Plan - The company plans to initiate a share buyback program with a total fund of up to 200 million yuan, aiming to repurchase shares at a price not exceeding 29.33 yuan per share [8] Earnings Forecast - The company is projected to achieve net profits of 2.16 billion yuan and 2.44 billion yuan in 2025 and 2026, respectively, corresponding to PE ratios of 23.0 and 20.4 [8]

丨证券研究报告丨 联合研究丨公司点评丨易普力（002096.SZ） [Table_Title] 业绩及订单稳增，并购持续推进 报告要点 [Table_Summary] 公司发布 2025 半年报，实现收入 47.1 亿元（同比+20.4%），实现归属净利润 4.1 亿元（同比 +16.4%），实现归属扣非净利润 4.0 亿元（同比+17.6%）。其中 Q2 单季度实现收入 27.0 亿元 （同比+26.4%，环比+34.5%），归属净利润 2.4 亿元（同比+12.6%，环比+47.4%），实现归属 扣非净利润 2.4 亿元（同比+15.8%，环比+53.2%）。 分析师及联系人 [Table_Author] 马太 范超 徐静 SAC：S0490516100002 SAC：S0490513080001 SFC：BUT911 SFC：BQK473 请阅读最后评级说明和重要声明 %% %% %% %% 易普力（002096.SZ） cjzqdt11111 [Table_Title2] 业绩及订单稳增，并购持续推进 [Table_Summary2] 事件描述 公司发布 2025 半年报，实现收入 47.1 亿元（同 ...